Hacker returns stolen funds to, gets $97K bounty reward

The hacker behind the exploit of the decentralized finance (DeFi) lending platform has returned the stolen funds for a $97,000 bounty reward in Ether (ETH). 

The exploit was executed at 10:28 am UTC on Mar. 7, with confirming the incident on Twitter quickly after citing “an uncommon quantity of borrows,” and including it has paused all borrowing.

Blockchain information confirmed the exploiter used a value oracle glitch to borrow $1.59 million price of belongings from the protocol by depositing 1 GMX token, valued at round $71.

“It seems to be like your oracle was misconfigured. contact me to type this out,” wrote the hacker in an on-chain message.

Message despatched to from the worth oracle exploiter. Supply: Arbiscan

Eight hours later, the DeFi protocol introduced it had come to an settlement with the “White Hat” exploiter, during which the hacker would repay all loans minus a 62.16 ETH “bounty,” price round $97,000 at present costs. 

One other hour later, confirmed on Twitter that the exploiter had accomplished the mortgage repayments.

“Funds are formally SaFu, put up mortem on the best way,” it wrote. 

Associated: DeFi lender suffers exploit, white hat hacker suspected

Final yr in August, cross-chain Nomad Bridge appealed to exploiters that participated in a sensible contract exploit that extracted $190 million in funds from the bridge in lower than three hours.

Mere hours later, roughly $32.6 million price of funds have been already returned, suggesting among the exploiters might have been white hat hackers trying to extract funds for a later secure return.

Later within the month, nonfungible token (NFT) agency Metagame even provided a “Whitehat Prize” within the type of an NFT for anybody that proved they returned at the least 90% of the funds they stole from the protocol.

Blockchain information from the Official Nomad Funds Restoration Handle shows that funds continued to be returned to the restoration deal with since then, with the newest transaction recorded on Feb. 18, 2023, for $7,868 in Covalent Question Token (CQT).

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